Subject to confirmation by the FSA, the effective date for the merger is expected to be 30 September 2006. Merger bonus payments to members will be made within 14 days of this date.
Chris Radford, the Chief Executive of the Lambeth Building Society said,
“The Lambeth is a strong business that offers excellent products and service to its members and this merger means they can look forward to continued value in the future. Our merger brings together two first class organisations and means our members and staff can look forward to the future with the confidence that belonging to a larger group offers.”
Robert Sharpe, Chief Executive, Portman Building Society added:
“ I am very much looking forward to welcoming Lambeth members into the group and working with the team to continue to deliver member value.”
